Did you know? A recent analysis of U.S. Census Department data showed that the U.S. population grew about 7%. With this said, 16 states’ populations declined. This could be an indicator of economic stagnation for these states, but time will tell. On the flip side, the two states that led the nation in population growth were:
- Texas: +374,000
- Florida: +241,000
As expected, the trend has been for many Americans to flee high tax states to more tax-friendly states. In recent years, we have seen many Californians relocating to Texas while the influx of New Yorkers continue to move south to Florida.
Which states saw a decrease in population?
So why did we see a decrease in population among 16 states? Which states were they?
- California, Massachusetts, & Ohio: These 3 states actually experienced population growth through most of the past decade, only to see it decline steeply during 2020.
- Michigan, New Jersey, & Pennsylvania: These 3 states saw their population decrease for the first time in 2019. Therefore, these are more recent moves out of these states.
- Alaska, Connecticut, Hawaii, Illinois, Louisiana, Mississippi, New York, Rhode Island, Vermont & West Virginia: These states have witnessed a gradual population decline earlier in the decade resulting in an overall decrease during the past decade.
Summary
One thing that we certainly have learned during the past year is that Americans are not afraid of relocating. The boom in remote working environments has certainly resulted in more Americans changing their coordinates to more tropical destinations such as South Florida. Furthermore, we are even beginning to see companies considering a relocation to The Sunshine State. Needless to say, the future looks awfully bright for the South Florida real estate market and economy overall. If you are ready to make a move to Florida, contact us today!
